There is no "connection string" in mail software that defines the remote host. The other party's MX records do that. If you are sending mail to thousands of remote hosts and one is unreachable, that is NOT a problem a mail administrator is going to be researching or trying to fix because they cannot, and it is not their problem. Either the email address is wrong, the remote host is down, or its DNS is misconfigured. This happens constantly all day long everywhere. The errors are reported to the sender of the email, which is the person who has the problem to solve.
OK yeah I think I see what you're saying, if the SMTP mailer is a hosted service and we're talking about the logs for the service itself then failed connections are not an error - this I agree with. I also wouldn't be logging anything transactional at all in this case - the transactional logs are for the user, they are functionality of the service itself in that case, and those logs should absolutely log a failure to connect as an error.